Q2 2026 BCE Inc Earnings Call Transcript

Aug 6, 2026 / 12:00 PM GMT

Release Date Price: €19.75 (+3.85%)

Transcript

Key Points

Positve

Consolidated revenue increased 1.5% and adjusted EBITDA grew 1%, with over $1 billion in free cash flow generated in Q2.
Postpaid wireless churn improved to 1.02%, the lowest quarterly level in three years, reflecting better customer retention.
Fiber continues to drive growth, with 45,271 residential FTTH net adds in Canada and 9,600 at Ziply, its highest quarterly result since acquisition.
Bell AI Fabric momentum is strong, with 335 MW contracted capacity and construction on track for Saskatchewan and Winnipeg facilities.
Bell Media delivered a strong quarter with 8.9% revenue growth, Crave surpassing 5 million subscribers (up 23% YoY), and digital video ad revenue up 39%.
Net debt leverage improved to approximately 3.7x, with a clear path to the 3.5x target by end of 2027.

Negative

Wireless product revenue declined 6.6% YoY due to lower handset sales and a shift to BYOD, impacting overall revenue mix.
Ziply Fiber revenue remained flat sequentially as legacy copper and voice declines offset fiber growth, with margin pressure from higher subscriber acquisition costs.
CapEx increased by $317 million YoY, driven by Ziply buildout and AI Fabric investments, pressuring free cash flow.
Wireless ARPU was relatively stable but down 0.2% YoY (excluding G7 impact), with service revenue flat, indicating limited growth.
Bell CTS Canada reported EBITDA declined 3.1% due to one-time items (Mission Cloud finance lease and G7 revenue) in the prior year, masking underlying growth.
The Ziply build ramp is still in early stages, with permit submissions only recently accelerating and a significant portion of CapEx deferred to H2 2026.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BCE.TO - BCE Inc
Q2 2026 BCE Inc Earnings Call
Aug 06, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, ladies and gentlemen. Welcome to the BCE Q2 2026 results conference call. I would now like to turn the meeting over to Chris Summers. Please go ahead, Mr. Summers.

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Unidentified_2 [2]
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Thank you.

Good morning, everyone, and thank you for joining our call.

With me here today are Mirko Bivich, BCE's President and CEO, and our CFO, Curtis Millen.

You can find all our Q2 disclosure documents on the Investor Relations page of the bce.ca website, which we posted earlier this morning.

Before we begin, I'd like to draw your attention to

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